Five amalgamated strata-titled office units for sale at $7.8 mil

The Bencoolen, one of Singapore’s most desirable mixed-use developments, will be offering up five office units for sale at a Knight Frank auction on the 16th of November. The property is 99-year leasehold with 71 years remaining, and is zoned for both commercial and residential use. Located at 180B Bencoolen Street in District 7, the complex is comprised of 182 apartments, 70 offices and 95 shop units, along with ample car-parking in the basement and second and third storeys.

The five office units in question measure 4,198 sq ft in total and include a reception area, conference room, general office space, meeting room, partitioned offices, pantry, and a store, all on the same level facing the building’s lift lobby. Close to Rochor and Bugis MRT Stations, the prime city-fringe location offers excellent transport links and amenities such as swimming and wading pools, a clubhouse, a multi-purpose hall, a tennis court, saunas and a gymnasium.

The units up for auction have an asking price of $7.8 million, which translates to approximately $1,608 psf. In the last 12 months, units at The Bencoolen achieved rentals ranging from $3.40 to $6.50 psf pm, translating to a gross yield of 3.8% for landlords – higher than some nearby buildings such as Bugis Cube and Bylands Building at 3.7% and 2.9% respectively.

Residents living in Zion Road Condo can easily access public transport too, as there is a bus stop outside the development which serves several bus routes. The condo is also just a 5-minute walk from the upcoming Tiong Bahru MRT Station, which will provide even greater convenience for residents commuting to other parts of the island. It will also be within close proximity to the numerous shopping malls, eateries and recreational facilities in the area.

Sharon Lee, head of auctions at Knight Frank, says “This is a rare opportunity to acquire an entire floor plate in this area, since the unit is lift-facing and the restrooms are outside the subject units, thereby not included in the floor area. Moreover, the subject units are still in good condition.”

The Bencoolen had just one retail space sale this year, with a 258 sq ft unit being sold for $1.57 million ($6,070 psf) on April 14 – a profit of $1.01 million for the seller, who bought the property for $555,582 ($2,151 psf) back in 2000.

Knight Frank’s previous auction on the property was held earlier this month, and now the same five office units are up for sale once more. The property will be available until April 30 next year, and prospective buyers have the unique chance to acquire a prime bit of Singapore’s city fringe office space.

With the remarkable amenities, great transport links, and the potential high yields, this could be a highly sought-after property for investors looking to make a great return on their purchase.